QUICKBOOKS ONLINE MIDTERM EXAM
QUESTIONS AND ANSWERS
The vendor's invoice number should be entered: - Answer-in the Reference Number
Field of the bill
When a bill is recorded, the account credited has an ( ) account category type. -
Answer-Accounts Payable (A/P)
The credit card liability account in the chart of accounts is set up as what category type?
- Answer-Credit Card
If you have purchased something for your business using a credit card you should use
which type of transaction to record this? - Answer-Expenses
If you need to track pmts made to vendors for 1099 reporting you would do which of the
following? - Answer-select "track pmts for 1099" on the specific Vendor Information
Window
You can associate pmt terms with vendors to indicate when you have to pay the vendor:
- Answer-True
When a credit card is reconciled, which of the following actions can you take at the end
of the credit card reconciliation process? - Answer-- Entering a bill for pmt to the credit
card vendor at a later date.
- Writing a check immediately for pmt. to the credit card vendor.
- Close out of the reconciliation and do nothing thus leaving the liability in the credit card
account
When preparing a bank reconciliation you are able to enter any unrecorded amts. for: -
Answer-interest revenue and Bank fees
Which account would you credit when recording monthly depreciation? - Answer-
Accumulated Depreciation
If $500 of revenue has been recorded in the month, and you did not perform the service
for that invoice yet but plan to do it soon, you should: - Answer-credit unearned revenue
(current liability) for $500
Once a closing date is set in QBO to close a period which of the following is true? -
Answer-If the books were closed with the option of using a password, the user can
make an entry to a closed period if they know the password
QUESTIONS AND ANSWERS
The vendor's invoice number should be entered: - Answer-in the Reference Number
Field of the bill
When a bill is recorded, the account credited has an ( ) account category type. -
Answer-Accounts Payable (A/P)
The credit card liability account in the chart of accounts is set up as what category type?
- Answer-Credit Card
If you have purchased something for your business using a credit card you should use
which type of transaction to record this? - Answer-Expenses
If you need to track pmts made to vendors for 1099 reporting you would do which of the
following? - Answer-select "track pmts for 1099" on the specific Vendor Information
Window
You can associate pmt terms with vendors to indicate when you have to pay the vendor:
- Answer-True
When a credit card is reconciled, which of the following actions can you take at the end
of the credit card reconciliation process? - Answer-- Entering a bill for pmt to the credit
card vendor at a later date.
- Writing a check immediately for pmt. to the credit card vendor.
- Close out of the reconciliation and do nothing thus leaving the liability in the credit card
account
When preparing a bank reconciliation you are able to enter any unrecorded amts. for: -
Answer-interest revenue and Bank fees
Which account would you credit when recording monthly depreciation? - Answer-
Accumulated Depreciation
If $500 of revenue has been recorded in the month, and you did not perform the service
for that invoice yet but plan to do it soon, you should: - Answer-credit unearned revenue
(current liability) for $500
Once a closing date is set in QBO to close a period which of the following is true? -
Answer-If the books were closed with the option of using a password, the user can
make an entry to a closed period if they know the password
